Helping Fintech Firms Enter Global Market
South Korea’s major financial groups have started operating startup incubating platforms abroad in a bid to help the companies under their incubation push into the global market.
Woori Financial Group has decided to open the first overseas office of DinnoLab in Southeast Asia in the first half of this year to support the global expansion of fintech companies. Accordingly, it is assessing candidate countries, which include Vietnam, Indonesia and Singapore where Woori Bank run business in the form of subsidiaries and branches.
Overseas DinnoLabs will provide fintech firms with an office space and consulting programs. It is planning to make use of Woori Bank’s network of 458 branches and offices across 26 countries to attract foreign investors.
Ahead of Woori Financial Group, Shinhan Financial Group established its fintech incubator program Shinhan Future’s Lab in Vietnam in 2016 and has since been fostering local fintech companies. It will also open its second office in Indonesia in the second half of this year.
In addition, KB Financial Group has recently joined hands with Plug and Play, which is a Silicon Valley-based accelerator which made early stage investments in the world's leading tech companies, to help startups under its incubator program KB Starters go abroad.